Banking entities in Argentina offer credits for the population. There is a wide range of credits in each institution that covers an infinite number of people’s needs. Those who do not yet have a loan ask themselves this question: How do I know if I am eligible for a loan?
Here we will answer everything concerning that question. We will clarify what the process is like, what are the general requirements to carry it out and many other important things. Let us begin!
How do I know if I am eligible for a credit?
When a request of this type is made, there will be an estimated time where the risk analyst will review your credit score, which is nothing other than the credit behavior that you have throughout your history.
Not only that influences to know if you are eligible for a loan, we also have to add your age, work seniority, fixed income among others that add positively such as property and real estate.
It is also necessary that you know before entering the loan application is to first consult the entity where you want to apply for your loan, because not all entities have negative scores as a priority.
For this there is an Internet page where you can also consult: web loan comparator.
From this comment I am going to give you a tour of important information such as what is my credit score? How can I consult it? Because I have a credit report and other information.
Many times when they apply for a loan they can get a negative surprise, it turns out that according to the bank where you applied for it «you are not eligible for credit ”, a lot of the time it’s because you have a negative score.
That’s where the Credit Score comes in, and what is it? It is a tool that allows you to know the behavior in payments and thus your credit score, depends on your punctuality of payments, this will influence in a positive or negative way.
How to know if I am eligible for a credit: Requirements to be it
To be eligible for a loan, the following is required:
- First they will request that you be over 18 years old. That you do not go over an age between 64 and 70 years of age.
- Normally they will ask you for a fixed, monthly income that can be verifiable.
- Another requirement is that your residence or address can be confirmed by public utility bills or by certification from the local police.
- In some entities they request a good credit score.
- It depends on the credit you request, you must present Guarantees or Guarantees.
How to know if I am eligible for a credit: Credit History
It is nothing other than the result that some risk analysts make to companies such as banks, so that they know the credit profile of their permanent clients or future clients who request loans.
With this history, the entity requesting this report will be able to know the financial behavior of the loan applicant; It must include payment of previous credits, delay in monthly payments, if there is any outstanding debt.
The report must also state if you have outstanding debts in other entities that grant credit; minimum payments, but of course the movements and positive payments that you have had will also appear.
Credit Scores
Credit Score, is nothing other than a score that the Credit Bureau gives you where they evaluate the management of your accounts and credits, do not think that with this they place you on a black list NO.
You should know that the Credit Bureau to evaluate you handle a category that goes from 400 to 850 points, you have to avoid being between 400 points because that would not speak well of your credit status.
Believe me, if any banking entity decides to take a risk and give you a credit taking into account the scale of the Credit Score that you have at 400, it is because the fees are going to put you at very high rates.
On the contrary, if you Credit Score says your score is 850 or close to that amount, Most banking entities will consider you as a reliable client to grant you the requested credit and the rates will be much lower.
It is important to note that this will not guarantee that you will obtain any kind of credit you want or that perhaps they will give you the best rates on the market, do not remember that there are also other variables, such as age, debt, ability to pay.
Now I want you to know that there are also factors that affect your credit score, such as if you do not have an active credit activity, that is, you will not use your credit card or you will not want to request financing.
This does not mean that you are going to have active several credits, because this would also lower your score since it would undermine your ability to pay, if it is evidence that you have your income just to pay these credits, your score would lower.
Important information
You cannot be consulting your report every so often, if you have five inquiries in less than six months, they will think that you are desperate, this situation will cause the Credit Bureau to subtract your score.
I will tell you a way to improve your credit score, how? in two simple ways: one approach the entity where you have debt and negotiate with them so that you have a payment method, they will not refuse because they see goodwill.
The other would be to check your history to know who you owe, or how much you owe, so you can keep track and be aware so that you do not fall behind with payments, that if, remember you can ask for a copy every 12 months this is free.
I want to tell you that in Argentina there is a free consultation of your Credit Score, you can do it once a month with Equifax (a company that provides information on consumer loans.
Score types
There is a table that indicates the types of scores when it comes to finding out whether or not a person is eligible for a credit.
These are the scores and how they influence:
- 850 to 750 points is the highest score you can get and lenders will know the risk is low.
- 749 to 650 points is good and continues to be a low risk for lenders.
- 649 to 620 points, it is intermediate risk.
- Between 400 to 300 points, it is classified as very low and a high risk for lenders.
You already know that the key is to comply with the payments, in order to get a positive credit history, and if you do not have enough experience for that, there are loan platforms on the web that will guide you.
To close one last recommendation, before requesting a loan, try to know the bank from which you request the loan, this is important so that you also know how consolidated it is.
Also go to one of their branches so that the service promoters can give you information regarding, for example, forms of payments as well as the types of credits that they promote.
It is better to be clear when we are going to acquire a debt, so that this in the future does not turn against ourselves and we cannot flawlessly meet our credit.
What is a Credit and Where to Apply in Argentina?
Those who want to request the loan will first have to enter the AFIP website with their fiscal code to know if they are approved for the Program. After that, if it is approved, the beneficiary must inform their CBU to continue with the operation.
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